ITALIAN information technology group Olivetti has turned to a man who helped build a car components empire to retool its ailing business after summarily dismissing chief executive, Mr Francesco Caio.

An emergency board meeting last night brought Mr Caio's 73-day rein at the helm of the crisis-hit group to a sudden end. Mr Roberto Colaninno, who currently runs auto components group Sogefi, was named to succeed him.

Mr Caio's replacement by Colaninno (53) is the latest twist in a chain of events following Mr Carlo De Benedetti's resignation from the Olivetti board on September 3rd after 18 years as group chairman. Panic-selling on the Milan stock exchange has wiped nearly 40 percent off the loss-making company's market capitalisation since then, with doubts cast over the accuracy of Olivetti's financial accounts.